May 2009 :: Report

Debt Reduction

Here is what our goals for May were:

Credit Card Debt  ::  $44,015.18
Taxes Owed           ::   $   4,316.83
Personal Loans    :: $  5,400.00

Total Debt*            ::  $53,732.01

And here is where we were after 5.31.09:

Credit Card Debt  ::  $44,015.18
Taxes Owed            ::   $   4,383.33
Personal Loans    ::   $   5,399.83

Total Debt*            ::  $53,798.34

Our goal was that we would pay $3,145 toward debt, with a net reduction of $2,674. We were only $67 short of that goal this month – that was very exciting! That brings us to over $7,500 in debt reduction since 2.26.09!!!!

Budget

We spent $174.92 more than we had budgeted (wayyyyy too much dining out and we did a mini-vacation on Memorial Day),  so make sure that we are tighter on our spending. I’m on a break from grad school for the summer, so I’ll be able to do a lot more at-home cooking, so that should really help.

Savings

This was exciting progress this month – we have over $120 in our savings account and I opened an account at a credit union to start saving in two different categories (Paternity Leave and Emergency Savings). I’ll be adding to those automatically each month starting in July.

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